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#1
12-05-2008, 04:15 PM
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Canadian bankruptcies spike in October 2008
According to the article published yesterday in Toronto Star, Canadian bankruptcies surged by more than 20% in October 2008.
Close to 10,000 bankruptcies were filed in October by both Canadian businesses and consumers. This is an over 7% increase compared to the previous month and over 21% increase year over year. Most of the filings were individuals (close to 9,000), which is close to 23% higher compared to October 2007. Here is the original source: http://www.thestar.com/Business/article/548493 All this looks very depressing, and doesn't bode well for the Canadian economy. I guess many people are being crushed by excessive credit card debt, huge mortgages and high interest rates on bad credit loans, payday loans and the like. 
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